Turkish competition board to fine Elon Musk 0.1% of Twitter’s gross income in Turkey, here’s why

Must read

Billionaire Elon Musk and his microblogging digital platform Twitter are always trending online for some or other reasons. This time, Musk is facing scrutiny by the Turkish competition board over the process with which the Tesla CEO took over the social media platform, Twitter.  

In a statement on Monday, the Turkish Competition Board said that it will impose a fine on Musk as the takeover of the company was made without the board’s permission in Turkiye. 

It added that the fine on billionaire Elon Musk will be 0.1 per cent of Twitter’s gross income in Turkey in 2022. 

Additionally, the board also clarified in the statement that the ruling would be open to a legal challenge.

The competition body ensures a competitive market structure that encourages firms to continually adapt their competitive strengths to market conditions, as per a description of the body on the official website. 

Elon Musk acquired the social media company for $44 billion and became its CEO on 27 October last year. 

Ever since Twitter’s takeover took place, Musk has announced several changes on the platform. For instance, he launched Blue Verified subscription plans and started off view counts display for all Tweets among others. 

The Tesla CEO is also adapting to cost-cutting measures such as layoffs and closing down few of its offices. 

Barely 48 hours after being crowned as the world’s richest person, tech billionaire Elon Musk on Wednesday lost the tag once again since he lost $1.9 billion of wealth in a single day, causing him to slide into second place.

Tesla’s shares —where much of Musk’s fortune is tied up—tumbled after traders were left disappointed by Tesla’s 2023 Investor Day.

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Source link

More articles

- Advertisement -


Tamil Nadu Assembly Again Passes Bill Banning Online Gambling

The state government tabled the Bill again after Tamil Nadu Governor RN Ravi returned the original Bill earlier this month The governor, while returning...
- Advertisement -

Latest article